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RISK LOVING: A person who values a certain income less than an equal amount of income that involves risk or uncertainty. Suppose that you have two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you chose option B, then you're risk loving. While both options give you the same "expected" values, you get more satisfaction from the risky option than the guaranteed one. In fact, risk loving people are willing to pay for the opportunity to experience a risky situation.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 7 of 24

Topic: Selling Side <=PAGE BACK | PAGE NEXT=>

  • A review of the notion of market control:

  • Market control is the ability of a firm to control the price and/or quantity of the good sold.
  • Market control depends on the number of participants in the market.

  • The notion of market control is typically discussed in the context of the selling side of a market.

  • Market control on the selling side of the market is most important for the analysis of product markets.

  • For factor markets, market control on the buying side tends to be more important.


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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

-- Earl Nightingale

FMV
Fair Market Value
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